Elastomers: Introduction
- Elastomers are highly versatile engineering materials. They behave very differently from plastics and metals, particularly in the way they deform and recover under load.
- They are complex materials that exhibit unique combinations of useful properties, the most important being elasticity and resilience. All elastomers have the ability to deform substantially by stretching, compression, or torsion and then return to their original shape after removal of the force that causes deformation.
- Elastomers’ resilience enables them to return quickly to their original shape, enabling, for example, dynamic seals to follow variations in the sealing surface
Key Drivers and Restraints of Global Elastomers Market
- The global elastomers market is expected to expand significantly due to the advancements in processing technologies. Growth of the automotive industry has further boosted the demand for elastomers, as they help improve performance and are light in weight. Therefore, they are largely used in manufacture of vehicles. Strength, high durability, and pliability are few properties of elastomers that are required while manufacturing vehicles.
- Demand for elastomeric products is also rising, as they are used for protecting cables and wires, manufacturing puncture seals, and improving impact-resistance in vehicle interiors. Rise in demand for advanced vehicles is fueling the demand for elastomers.
- Cost is one of the most important criteria while producing elastomers. Assuming that more than one elastomer meets all other requirements for a given application, price usually determines which elastomer would be chosen. The prices of elastomers may vary widely due to differences in raw material and processing costs. This is the major restrain of the global elastomers market.
Elastomers: Application Segment
- Based on application, the elastomers market can be segmented into automotive, consumer goods, medical, industrial, and others
- Rise in demand for advanced vehicle is boosting the demand for elastomers. Besides this, elastomers are used for protecting cables & wires, manufacturing puncture seals, and improving impact-resistance in vehicle interiors. This is expected to propel the global demand for elastomers in the near future.
- Besides the automotive industry, the medical sector accounts for large share of elastomeric products. TPEs are largely used in the medical industry to make stoppers and gaskets, owing to their molding and high insulation properties. This is expected to drive the demand for elastomers in the near future.
COVID-19 Impact on Elastomers Market
- Since the beginning of 2020, the global economy has been experiencing downturn with the outbreak of the COVID-19 pandemic. The COVID-19 pandemic is anticipated to adversely affect the production and distribution of elastomers.
- Governments of several countries have imposed strict lockdowns to curb the spread of the COVID-19 pandemic. Many manufacturing companies are either shut down or running low on production capacity.
- Decrease in industrial activities due to the pandemic has been adversely impacting the global elastomers market
Asia Pacific Holds Major Share of Global Elastomers Market
- In terms of region, the global elastomers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is likely to hold dominant share of the global elastomers market during the forecast period. Rapid urbanization and industrialization in various emerging markets has contributed to the growth of the elastomers market in the region. Thailand, India, China, and Indonesia are projected to be the key countries of the elastomers market in Asia Pacific.
- Large numbers of OEMs are looking forward to set up their units in emerging markets for elastomers due to various growth opportunities and untapped potential. This is also projected to boost the global elastomers market.
- North America, on the other hand, holds second position in the global elastomers market. Cost-efficiency and easy adaptability are key factors responsible for the growth of the market in the region.
Key Manufacturers Operating in Global Elastomers Market
The global elastomers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global elastomers market include:
- BASF SE
- DOW
- Convestro AG
- DIC Corp.
- KURARAY CO., LTD.
- Huntsman International LLC
- Arkema, Inc.
- LG Chem. Ltd.
- PolyOne Corporation
- E. I. du Pont de Nemours and Company.
Global Elastomers Market: Research Scope
Global Elastomers Market, by Type
- SBC (Styrene Block Copolymers)
- IIR (Butyl Elastomer)
- NBR (Nitrile Elastomer)
- ACM (Acrylic Elastomer)
- EPM (Ethylene-propylene Elastomer)
- PEBA (Thermoplastic Polyether Block Amides)
- TPO (Thermoplastic Polyolefin)
- TPU (Thermoplastic Polyurethanes)
- TPV (Thermoplastic Vulcanizates)
- Others
Global Elastomers Market, by Application
- Automotive
- Consumer Goods
- Medical
- Industrial
- Others
Global Elastomers Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
